Mastercard and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a memorandum of understanding (MoU) to explore initiatives aimed at accelerating the digitisation and growth of micro, small and medium-sized enterprises (MSMEs) in Nigeria.
The agreement was announced at the SMEDAN MSME Growth Forum, which brought together entrepreneurs, financial institutions, policymakers and ecosystem partners to examine the tools, partnerships and capabilities small businesses need to thrive in an increasingly digital economy.
The collaboration builds on the Federal Ministry of Industry, Trade and Investment’s support for the design and piloting of a national MSME Digitisation Programme, which aligns with the Federal Government’s digital economy and small business development priorities.
Under the MoU, Mastercard and SMEDAN will explore opportunities to help Nigerian businesses adopt digital tools, improve operational efficiency and participate more fully in the formal economy.
Tara Nathan, Executive Vice President, Growth Segments at Mastercard, said small businesses remained critical drivers of economic growth, job creation and innovation but continued to face barriers relating to digitisation, skills development and access to finance.
She said the agreement provides a framework for both organisations to explore ways of equipping Nigerian entrepreneurs with the tools, capabilities and connections required to build stronger and more resilient businesses.
“By equipping SMEs with the tools, capabilities and connections they need to participate in the digital economy, we are unlocking new opportunities for growth, productivity and long-term success,” Nathan said.
Charles Odii, Director-General of SMEDAN, said Nigerian entrepreneurs needed practical digital tools, relevant skills and support that reflected the realities of operating small businesses.
According to him, the partnership would provide a framework for bringing these capabilities closer to businesses while strengthening engagement with government and other ecosystem partners.
Mastercard’s Country Manager for West Africa, Kari Tukur, said supporting SMEs required more than access to funding, noting that business owners also needed digital payment solutions, practical skills, market access and reliable partners to achieve sustainable growth.
She said the forum was designed to bring these issues and potential solutions together, while the partnership reinforced Mastercard’s commitment to supporting Nigerian entrepreneurs.
The forum featured a keynote address by Nathan, followed by a fireside discussion with Aisha Rimi, Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC).
The discussion, titled “Informal to Inclusive: Payments, Policy and the Path for Nigeria’s Small Businesses,” examined how digital payments, supportive policies and collaboration could help informal businesses transition into the formal economy.
A panel session, “Beyond Credit: The Solutions Nigerian SMEs Need to Grow and Scale,” featured representatives from Access Bank, Wema Bank, AFEX and SMEDAN, with Tukur serving as moderator.
Discussions focused on the barriers confronting Nigerian entrepreneurs and the need for a broader support system that goes beyond access to credit. Participants also examined how digital payments, public-private partnerships and enabling policy frameworks could strengthen business resilience and create opportunities for growth.
Small business owners also participated in practical masterclasses covering digital marketing strategies to attract and retain customers online, as well as solutions for businesses in key sectors, including agriculture.
The sessions were designed to strengthen entrepreneurs’ business and digital capabilities, improve productivity, expand market access and support more sustainable business operations.
The partnership comes amid growing recognition among Nigerian SMEs of the importance of digital capabilities, skills and finance to business expansion.
According to Mastercard’s 2026 SME Confidence Index, all the Nigerian SMEs surveyed considered digital and online payments vital to growing their businesses.
The survey also found that 78 per cent identified business digitisation as a key priority, while 79 per cent prioritised staff training and upskilling. Another 69 per cent said they were seeking credit to expand their businesses.
The forum and the MoU underscore the shared interest of Mastercard and SMEDAN in strengthening the competitiveness of Nigerian SMEs through innovation, capacity building and collaboration.
However, the agreement is framed as an exploration of potential areas of cooperation, with both organisations expected to identify opportunities for practical interventions that can help small businesses benefit more fully from Nigeria’s expanding digital economy.
